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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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When selling- do you TELL your realtor....
Do you tell your listing agent your bottom line on price ahead of time.
Mine asked us, but my DH didnt think that was something we should disclose to him so we sorta changed the subject.
But he has in a roundabout way have asked this on a few occasions.
Is this normal info to disclose to your agent?
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Posted 4/8/11 6:18 PM  |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: When selling- do you TELL your realtor....
NO!!!!!
Do not tell them. No. B/c the difference in price is peanuts in commission. For ex, if you sell for 20,000 less than you ideally want, that's only $800 for the realtor (at 4% commission). Or $400 if they split the commission with another agent.
So no!!!
Gotta write back to you btw, been busy!!
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| Posted 4/8/11 6:59 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: When selling- do you TELL your realtor....
Posted by Goobster
NO!!!!!
Do not tell them. No. B/c the difference in price is peanuts in commission. For ex, if you sell for 20,000 less than you ideally want, that's only $800 for the realtor (at 4% commission). Or $400 if they split the commission with another agent.
So no!!!
Gotta write back to you btw, been busy!!
Yea thats what we thought. DH was annoyed.
Oh and no prob I totally figured you were busy!
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| Posted 4/8/11 7:47 PM |
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Re: When selling- do you TELL your realtor....
I disagree. Once you sign on with a realtor as a seller, they owe their fiduciary duties to you, the seller. That means that, among other things, they owe a duty of confidentiality and loyalty to you, the seller. Ethically, the agent cannot put their self-interest before your interest. They cannot disclose your bottom line price to buyers or other agents.
As a realtor -- and maybe this is because my first career is as an attorney -- I view my role as a trusted advisor, but it is hard for me to help a seller who isn't honest woith me about their motivation to sell and what they need to net.
I voluntarily walked away from a corporate law career at a Park ave firm where I made a big 6 figure salary to go into real estate to do what I love and help people with one of the biggest transactions of their lives. It's not j
ust about money for me (and for others who view real estate as a profession), You hired your agent - so you obviously liked him and trusted that he would do a good job. Why not be forthcoming? He's on your side! Would you hide key info from any other professional you hire to work on your behalf? A doctor or lawyer or accountant?
Also, you should have signed and received a copy of the NYS agency disclosure form which outlines your agent's obligations to you. Reviewing that might give you some reassurance that your agent must protect your interests.
To me, if an agent aska questions like this, you should be happy, not annoyed, that's the sign of a good agent who is engaging his customers, not just taking any listing.
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| Posted 4/8/11 9:50 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: When selling- do you TELL your realtor....
Posted by Century 21 Dallow - Christine Braun
I disagree. Once you sign on with a realtor as a seller, they owe their fiduciary duties to you, the seller. That means that, among other things, they owe a duty of confidentiality and loyalty to you, the seller. Ethically, the agent cannot put their self-interest before your interest. They cannot disclose your bottom line price to buyers or other agents.
As a realtor -- and maybe this is because my first career is as an attorney -- I view my role as a trusted advisor, but it is hard for me to help a seller who isn't honest woith me about their motivation to sell and what they need to net.
I voluntarily walked away from a corporate law career at a Park ave firm where I made a big 6 figure salary to go into real estate to do what I love and help people with one of the biggest transactions of their lives. It's not j
ust about money for me (and for others who view real estate as a profession), You hired your agent - so you obviously liked him and trusted that he would do a good job. Why not be forthcoming? He's on your side! Would you hide key info from any other professional you hire to work on your behalf? A doctor or lawyer or accountant?
Also, you should have signed and received a copy of the NYS agency disclosure form which outlines your agent's obligations to you. Reviewing that might give you some reassurance that your agent must protect your interests.
To me, if an agent asks questions like this, you should be happy, not annoyed, that's the sign of a good agent who is engaging his customers, not just taking any listing.
You raised great points and to be honest I was hoping you would respond to this post bc I really needed to know if I was crazy or not.
If you would had said that is wrong it would have made me vey skeptical of recent decisions we have made.
But the fact that you said it is customary and not a bad thing it makes me feel more at easy.
Thanks so much for responding.
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| Posted 4/9/11 8:16 AM |
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Re: When selling- do you TELL your realtor....
No problem! I understand that it is a big step to be selling (and for most people, including me, your house is your biggest financial asset). So it's not easy to be completely honest with anyone about finances and your bottom line. I can see why your dh might hesitate -- a lot of people do.
But it is customary to ask (I do), and having that information about what you are hoping to (or need to) walk away with will help your realtor help you, and if you like and trust him (at least his professional skills and ethics), then you have no worries. As with any profession, there are those who are more competent and more ethical than others. But the agents I know and work with are very loyal to their sellers and protect their interests. Credibility is everything in this business, and agents want their sellers to be happy and refer them to others.
Also, just remember that no matter what your realtor says or does, YOU (and dh) are the ultimate decision makers. Your agent must bring you every offer that is presented, and he has to follow your instructions on whether to counter, reject, accept, etc. So you are in control. Hopefully your agent can guide you and give you good advice, but you're still in the driver's seat.
Good luck!
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| Posted 4/9/11 9:11 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: When selling- do you TELL your realtor....
Don't forget your bottom line can change.
We never thought we would go below a certain price and then we lowered twice.
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| Posted 4/9/11 9:29 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: When selling- do you TELL your realtor....
Posted by Erica
Don't forget your bottom line can change.
We never thought we would go below a certain price and then we lowered twice.
ITA. The best lesson I've learned is to take your heart out of it and look at home selling as a business.
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| Posted 4/9/11 9:44 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: When selling- do you TELL your realtor....
We told her. I felt that in order for her to do the best job by us, she needed to know where we stood. I also wanted her to be honest with us and tell us if our bottom line number is unrealistic. DH and I need a certain number in order to sell the house. If we were way off base (which we weren't luckily) I wanted her to be honest and tell us so that we could make a decision as to whether this was the time for us to sell. There is no point in anyone wasting time trying to sell a house for a certain unobtainable number.
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| Posted 4/9/11 10:06 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: When selling- do you TELL your realtor....
I would. I don't get why you wouldn't? They are there to work for you. They want you to get the most money possible, not the least amount.
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| Posted 4/9/11 1:17 PM |
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Re: When selling- do you TELL your realtor....
Posted by Century 21 Dallow - Christine Braun
I disagree. Once you sign on with a realtor as a seller, they owe their fiduciary duties to you, the seller. That means that, among other things, they owe a duty of confidentiality and loyalty to you, the seller. Ethically, the agent cannot put their self-interest before your interest. They cannot disclose your bottom line price to buyers or other agents.
As a realtor -- and maybe this is because my first career is as an attorney -- I view my role as a trusted advisor, but it is hard for me to help a seller who isn't honest woith me about their motivation to sell and what they need to net.
I voluntarily walked away from a corporate law career at a Park ave firm where I made a big 6 figure salary to go into real estate to do what I love and help people with one of the biggest transactions of their lives. It's not j
ust about money for me (and for others who view real estate as a profession), You hired your agent - so you obviously liked him and trusted that he would do a good job. Why not be forthcoming? He's on your side! Would you hide key info from any other professional you hire to work on your behalf? A doctor or lawyer or accountant?
Also, you should have signed and received a copy of the NYS agency disclosure form which outlines your agent's obligations to you. Reviewing that might give you some reassurance that your agent must protect your interests.
To me, if an agent aska questions like this, you should be happy, not annoyed, that's the sign of a good agent who is engaging his customers, not just taking any listing.
I agree 100%- I feel like I am more of a guide to my clients then a "sales person"
I know my clients see me this way - but knowing why you are selling- what you need to be able to sell is very important to me as the agent
Message edited 4/9/2011 4:54:04 PM.
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| Posted 4/9/11 4:42 PM |
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Re: When selling- do you TELL your realtor....
Posted by Goobster
NO!!!!!
Do not tell them. No. B/c the difference in price is peanuts in commission. For ex, if you sell for 20,000 less than you ideally want, that's only $800 for the realtor (at 4% commission). Or $400 if they split the commission with another agent.
So no!!!
Gotta write back to you btw, been busy!!
this doesn't make much sense b/c the seller ultimately makes the decision on the price- not the agent- we just present the offers- we don't force you to take one $20k below what you feel comfortable with just to make a sale (unless we agree this is the best offer you are going to get based on market conditions etc but even then the seller is the one making the choice)
my job as the sellers agent is to get you/them the highest price for your home- a good realtor takes this very seriously
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| Posted 4/9/11 4:59 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: When selling- do you TELL your realtor....
Posted by Mici C
I would. I don't get why you wouldn't? They are there to work for you. They want you to get the most money possible, not the least amount.
But the reality is it is much easier to sell a house in 10 days, than to show it for 10 months and put all that extra time and work into it for an additonal possible couple of hunderd dollars.
No offense to the wonderful realtors on here. But when I sold my home, my realtor told me to accept RIDICULOUS amts that I knew I could get much more than. I wound up getting 30,000 more than 2 offers they tried to push on me. But I was a VERY educated seller and they did not know how much I followed the market in my area. So I told them flat out I knew I could get more and refused to take the offers (even though the realtor tried to tell me a million reasons why I might never get higher).
And my home was only on the market for about ONE MONTH. I got the $30,000 higher in just 2 weeks beyond when they pushed the lower offers on me (all less than a month time frame, my house sold within a month so WHY would I take an offer that is clearly LOW?)
So yes, it does happen. Would you want to work your a$$$ off selling a home for 10 months or 10 days, for just an additional possible $400? One would have to be dealing with an awesome and VERY honest realtor (such as Beth and Christine, I know you ladies are awesome). But many realtors put themselves over the client whose home they are selling. Sad but true.
Message edited 4/10/2011 12:09:51 AM.
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| Posted 4/9/11 7:48 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: When selling- do you TELL your realtor....
Posted by Beth EXIT Realty
Posted by Goobster
NO!!!!!
Do not tell them. No. B/c the difference in price is peanuts in commission. For ex, if you sell for 20,000 less than you ideally want, that's only $800 for the realtor (at 4% commission). Or $400 if they split the commission with another agent.
So no!!!
Gotta write back to you btw, been busy!!
this doesn't make much sense b/c the seller ultimately makes the decision on the price- not the agent- we just present the offers- we don't force you to take one $20k below what you feel comfortable with just to make a sale (unless we agree this is the best offer you are going to get based on market conditions etc but even then the seller is the one making the choice)
my job as the sellers agent is to get you/them the highest price for your home- a good realtor takes this very seriously
Yes it makes a lot of sense. We have been to houses that the realtors have told us what the homeowner was "looking" for. Whether true or not, a number was said.
In addition, yes, a realtor CAN color you b/c if you are UNEDUCATED about the market in YOUR area, you have no one else to believe or go by. So you would just go with what your realtor said b/c you believe they are in yoru best interest and they know best. In my case, the realtors had NO CLUE that I was more educated on market value in my area than they were.
Our realtors tried to force us, give all kind of anecdotes and stories, tell us there were no more buyers out there, etc. So they CAN force an uneducated buyer by scaring them into taking any decent offer.
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| Posted 4/9/11 7:56 PM |
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